CBN urges Nigerians to report ATM or bank cash withdrawal challenges as it intensifies efforts to address shortages and penalise underperforming banks.
The Central Bank of Nigeria (CBN) has encouraged Nigerians to report any difficulties they experience in withdrawing cash from bank branches or Automated Teller Machines (ATMs).
This announcement was made by the CBN Governor, Olayemi Cardoso, during the Chartered Institute of Bankers of Nigeria’s (CIBN) annual Bankers’ Dinner on Friday.
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The appeal comes in response to rising reports of cash shortages affecting ATMs and over-the-counter withdrawals across the country.
The situation has led some point-of-sale (POS) operators to increase service charges, further burdening Nigerians already struggling with the challenges of accessing cash.
Governor Cardoso acknowledged the hardships faced by ordinary Nigerians, stating, “We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.”
To tackle the issue, the CBN has initiated spot checks across deposit money banks to ensure compliance with cash distribution mandates.
Cardoso revealed that penalties would be imposed on underperforming institutions that fail to meet the required standards.
Effective from 1 December 2024, customers can report difficulties with cash withdrawals directly to the CBN through designated phone numbers and email addresses for their respective states.
This measure is aimed at ensuring transparency and accountability in the distribution of cash by banks.
As the festive season approaches, the CBN reassured the public of its commitment to maintaining an adequate cash supply to meet demand during this high-traffic period.
“CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end,” Cardoso added.
Nigerians experiencing difficulties with cash withdrawals are advised to utilise the CBN’s reporting channels starting in December.
This initiative aims to create a direct line of communication between the public and the apex bank, enabling faster resolution of cash access issues.
The CBN’s proactive measures signify a commitment to addressing cash shortages and ensuring that Nigerians have unhindered access to their funds.
By holding banks accountable and empowering customers to report issues, the apex bank aims to stabilise cash availability and restore confidence in the financial system.
This development underscores the need for robust monitoring and enforcement mechanisms within Nigeria’s banking sector, particularly during critical periods like the end of the year.
